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Bandhan Bank Ltd reports Q1FY21 net profit of Rs. 549.81 crore

Posted On: 2020-07-15 01:39:12


Bandhan Bank Ltd has reported financial results for the period ended June 30, 2020.

Financial Results (Q1 FY 2020-21) - QoQ Comparison

The company has reported total income of Rs.3404.84 crores during the period ended June 30, 2020 as compared to Rs.3346.47 crores during the period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.549.81 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.517.28 crores for the period ended March 31, 2020.

The company has reported EPS of Rs.3.41 for the period ended June 30, 2020 as compared to Rs.3.21 for the period ended March 31, 2020.

FinancialsQ1 FY2020-21Q4 FY19-20% Change
Total Income₹ 3404.84 crs₹ 3346.47 crsUp Tick 1.74%
Net Profit₹ 549.81 crs₹ 517.28 crsUp Tick 6.29%
EPS₹ 3.41₹ 3.21Up Tick 6.23%

Financial Results (Q1 FY 2020-21) - YoY Comparison

The company has reported total income of Rs.3404.84 crores during the period ended June 30, 2020 as compared to Rs.2962.32 crores during the period ended June 30, 2019.

The company has posted net profit / (loss) of Rs.549.81 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.803.61 crores for the period ended June 30, 2019.

The company has reported EPS of Rs.3.41 for the period ended June 30, 2020 as compared to Rs.4.97 for the period ended June 30, 2019.

FinancialsQ1 FY2020-21Q1 FY2019-20% Change
Total Income₹ 3404.84 crs₹ 2962.32 crsUp Tick 14.94%
Net Profit₹ 549.81 crs₹ 803.61 crsDown Tick -31.58%
EPS₹ 3.41₹ 4.97Down Tick -31.39%

Key Highlights :

- Deposits grew 35.30% YoY and 6.18% QoQ.
- Loan portfolio (on book + off book+ TLTRO) grew 17.68% YoY
- CASA grew 47.30% YoY
- CASA ratio at 37.08% (excluding GRUH deposits 37.83%) against 36.84% QoQ.
- Added 2.13 lakh customers during the quarter with total customer base at 2.03 crore as on June 30, 2020.
- GNPA as on June 30, 2020 at 1.43% against 1.70% as on June 30, 2019 and 1.48% on March 31, 2020.
- Net NPAs as on June 30, 2020 at 0.48% against 0.58% as on March 31, 2020 and 0.59% as on June 30, 2019.
- Capital Adequacy Ratio (CRAR) at 26.45%; Tier I at 23.22% and after taking Q1 FY profits, it stands 27.29%.

- During the quarter the Bank has taken accelerated additional provision on standard advances amounting to Rs. 750 crore. With this provision and additional Standard Assets provision that Bank is carrying in Micro banking portfolio total additional provision in books stands at Rs. 1,769 crore.

Highlights for the Quarter ended June 30, 2020:

- Net Interest Income (NII) for the quarter grew by 14.98% to Rs. 1,811 crore as against Rs. 1,575crore in the corresponding quarter of the previous year.

- Non-interest income grew by 16.92% to Rs. 387 crore for the quarter ended June 30, 2020 against Rs. 331 crore in the corresponding quarter of the previous year.

- Operating Profit for the quarter increased by 16.81% to Rs. 1,584 crore against Rs. 1,356 crore in the corresponding quarter of the previous year.

- Net Profit for the quarter shrink by 31.59% to Rs. 550 crore against Rs. 804 crore in the corresponding quarter of the previous year. However, net profit for the quarter increased by 6.38% against the previous quarter. In Q1 FY 21, The Bank has taken accelerated additional provision on standard assets amounting to Rs 750 crore for COVID-19.

- Net Interest Margin (annualised) for the quarter ending June 30, 2020 stood at 8.15% against 8.13% in March 31, 2020.

- Total Advances (on book + off book+TLTRO) grew by 17.68% to Rs. 74,331 crore as on June 30, 2020 against Rs. 63,164 crore as on June 30, 2019 and 3.46% QoQ against Rs. 71,846 crore as on March 31, 2020.

- Total Deposits increased by 35.30% to Rs. 60,610 crore as on June 30, 2020 as compared to Rs. 44,796 crore as on June 30, 2019 and 6.18% QoQ against Rs. 57,082 crore as on March 31, 2020.

- Gross NPAs as on June 30, 2020 is at Rs. 1007 crore (1.43%) against Rs. 1020 crore (1.70%) as on June 30, 2019.

- Net NPAs as on June 30, 2020 stood at Rs. 336 crore (0.48%) against Rs. 348 crore (0.59%) as on June 30, 2019.

Commenting on the performance, Mr. Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: "During the quarter, we have started collections post unlocking announced by the government. Overall Bank collections improved to 76% by end of June'20 compared to 29% in April'20. We continued to showcase the strengths of our retail deposit franchise with strong growth of 35% during this difficult time, especially CASA growing by over 47%. During the quarter the Bank has taken accelerated additional provision on standard advances amounting to Rs. 750 crore taking the total additional provision in books to Rs. 1,769 crore."

Banking outlets as on June 30, 2020, stood at 4,559. The network consists of 1018 branches, 3,541 banking units as against 999 branches and 3,209 banking units as on June 30, 2019. Total number of ATMs stood at 485 as on June 30, 2020 against 481 as on June 30, 2019. During the quarter, the number of employees of the bank has gone up from 39,750 to 41,563.

Shares of Bandhan Bank Ltd was last trading in BSE at Rs.352.4 as compared to the previous close of Rs. 370. The total number of shares traded during the day was 709815 in over 9361 trades.

The stock hit an intraday high of Rs. 366.95 and intraday low of 344.1. The net turnover during the day was Rs. 250025734.


Source: Equity Bulls

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